US TAX COMPLIANCE

US citizens and Greencard holders (“permanent residents”) have to file tax returns reporting their worldwide income, regardless of their country of residence and whether any tax is due. Non residents (“Aliens”) of the US may also need to file to report income from US sources. We can help with:

Preparation of Federal & State tax returns

Claiming foreign tax credits, including re-sourcing of income and application of Double Taxation Treaties

DISCLOSURES – BRINGING YOUR AFFAIRS UP TO DATE

Both the UK and US governments continue to tighten up on non-compliance, and this includes information sharing with financial institutions and between governments (in compliance with FATCA regulations) to identify individuals who do not appear to have reported all of their income. It is not uncommon for people to have not filed returns because they did not realise they needed to—particularly US persons who have lived outside of the US for many years—and there are disclosure programs to help such people get back on track. We can help you by:

Liaising with HMRC and / or the IRS on your behalf

Finding the best way to bring your tax affairs up to date, including use of voluntary disclosure programs to minimise any penalties due. E.g. the Streamlined Filing Compliance Program in the US (under which eligible taxpayers can bring themselves up to date by filing the most recent 3 years of overdue tax returns and the most recent 6 years of FBAR’s), and the Worldwide Disclosure Facility offered in the UK by HMRC

TAX PLANNING & ADVICE

The UK and US tax systems have become increasingly complex, with many changes over recent years. We can help you understand the implications of these changes for you, and help you plan for changes in your circumstances. Examples include:

Dealing with changes to UK tax rules for “non-doms”, and becoming deemed domiciled

Pension planning, including contribution limits and international aspects

Optimisation of foreign tax credits and timing of payments

Remittance planning, including the taxation of mixed funds

Understanding capital gains tax, including the implications of property sales

Understanding the taxation of overseas investments, including offshore funds

Advice regarding tax efficient planning for employment assignments

International social security issues (e.g. Certificate of Coverage eligibility)

Taxation of Carried Interest and Co-investment structures

Regulatory Information

We are registered with the Information Commissioner’s Office (ICO) for the purposes of Data Protection.
We are regulated by the Chartered Institute of Tax for the purposes of the AML regulations.